Question

Use the following information to prepare a classified balance sheet for Alpha Co. at the end of Year 1. Accounts receivable $ 40,830 Accounts payable 7,740 Cash 17,500 Common stock 43,000 Land 28,840 Long-term notes payable 24,500 Merchandise inventory 27,750 Retained earnings 39,680

Answer 1

Answer:

Explanation:

                                           Alpha Co.

                                         Balance Sheet

                                     At at Year 1

                                                                 Amount in $

Current Assets

Accounts Receivable                               40,830

Cash                                                          17,500

Inventory                                                   27,750

Total Current Assets                                86,080

Non-Current Assets

Land                                                          28,840

Total Assets                                             114,920

Current Liabilities

Accounts Payable                                    7,740

Long Term Liabilities

Long Term Note payable                       24,500

Stockholders' Equity

Common Stocks                                     43,000

Retained Earnings                                  39,680

Total liabilities & Stockholders' Equity

( 7,740+24,500+43,000+39,680)         114,920